IRS Announces Tax Relief for New York Victims of Remnants of Hurricane Ida Victims of remnants of Hurricane Ida that began September 1, 2021 now have until January 3, 2022, to file various individual and business tax returns and make…
SEC Approves New Board Diversity Rules for NASDAQ Listed Companies The Securities and Exchange Commission (SEC) recently approved new listing rules that will require Nasdaq-listed companies with six or more directors to have, or explain why they do not have,…
SBA Increases COVID-19 EIDL Loan Limit to $2 million COVID-19 Business Update The U.S. Small Business Administration (SBA) announced major modifications to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan cap from $500,000 to $2 million…
IRS Overlooked Billions in Taxes from S Corporation Shareholders The Internal Revenue Service has stepped up efforts to collect employment taxes from S corporation officers, given that S corporation shareholders have gotten away with avoiding billions of dollars in taxes…
Portal to Facilitate New York State Pass-Through Entity Tax Election for $10,000 SALT Limitation Workaround is Open. Election is Due October 15, 2021 The federal limitation on the deductibility of state and local taxes (SALT) negatively impacts New Yorkers, especially…
Qualified Musical and Theatrical Production Credit Program COVID-19 Business Update On July 22, 2021, New York Governor Andrew M. Cuomo announced the launch of a new $100 million New York City Musical and Theatrical Production Tax Credit designed to help…
Bill Introduced to Streamline Process, and Expand Pass Through Entities Eligibility for Section 199A Deduction for Qualified Business Income Legislation has been introduced to streamline the section 199A deduction for qualified business income (QBI) for pass-through entities, allowing accountants, lawyers,…
Thinking of Changing New York Residency Status to Eliminate State Taxes? Thinking of leaving New York and relocating to a “no tax” state like Nevada, Texas, or Florida to eliminate state taxes? Not so fast. Moving out of New York,…
SBA Drops PPP Loan Necessity Questionnaire Requirement COVID-19 Business Update The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater. In a…
Window for PPP Loan Forgiveness Beginning to Close; Payments May Be Due Without Close Attention COVID-19 Business Update Small-business owners who obtained a Paycheck Protection Program (PPP) loan in 2020 need to pay close attention to their forgiveness period, as the…